HOW TO BUY CRYPTOCURRENCIES IN CANADA

Probably, the reason as to why you are reading this article is that you want to know how you can buy Bitcoins and other altcoins in Canada. The cryptocurrency news has been hitting the headlines each dawn since 2009 when Satoshi Nakamoto launched the first coin and disappeared. Though the blockchain technology has been in existence since 1994, its adoption came into limelight upon the invention of Bitcoins.

For the last 9 or so years, cryptocurrencies are progressively gaining ground. For instance, the Bitcoin value rose from $5 to $10,000 between 2009 and 2017. At the writing of this article, 1BTC was worth 12 277.14 CAD. Also, other altcoins have been experiencing the same trends over the years. With this information, all you need is the process of buying Bitcoins to cad and altcoins as a Canadian citizen. Here are the steps:

• OBTAINING A CRYPTOCURRENCY WALLET

The initial step in starting to trade with digital currencies is obtaining a cryptocurrency wallet. Several coins have different wallets. For instance, there are Bitcoin Wallets, Litecoin Wallets, and Ethereum wallets. Depending on the crypto-coin you want to invest in you have to obtain the relevant wallet through installing it on your PC or mobile device.

You can purchase the Ledger Nano S hardware wallet. This great wallet is secure, and it supports more than one cryptocurrency. So, instead of having to operate different wallets for each coin, you can opt for the hardware option.

• IDENTIFY A CRYPTOCURRENCY EXCHANGE

There are many exchanges you can use to buy Bitcoins and altcoins in Canada. However, it is essential to identify the right one for you. While most of them support more than one digital coin, others have limitations on the maximum amount you can trade. Also, exchanges accept different payment modes. Thus, it is essential for you to identify an exchange that fits well with your expectations and in line with your cryptocurrency needs as well as offering your preferred payment modes. This way, you will also have an opportunity to window shop, and you may land on an exchange with the best deals. Whether you are an SEO Expert in Toronto, an accountant or just an everyday blue collar worker you may want to be investing 10% of your yearly salary into cryptocurrencies in an effort to diversify investments.

• OPEN AN ACCOUNT WITH YOUR PREFERRED EXCHANGE

Like in the stock or forex trade, you cannot conduct any business on an exchange without an account. Hence, you must proceed on creating an account on your preferable exchange platform. Some platforms require you to enter your driving license and other identification details. Also, you have to wait for verification process completion. The verification may take between seven days to two weeks. Importantly, you must follow the instructions availed on the platform’s website keenly to ensure you do not make any mistake in the account creations process.

Otherwise, a simple error can result in rejection of your accounts. However, you can opt for other platforms that do not have a strict verification process. But you need to note that such exchanges can make you fodder for fraudsters play as their security is questionable.

BUY CRYPTOCURRENCIES IN CANADA / READ MORE

DEPOSIT TRADING FUNDS AND BUYING CRYPTOCURRENCIES

Once you obtain an account and the verification process is complete, you need to move on to depositing trading funds. You can either choose CAD or US dollars as your fiat currency. Now, all you need is to exchange your funds with the virtual currencies you want. You can use it to buy Bitcoins, Litecoin, Ethereum, or any other altcoins that interest you and are available on the exchange.

MOVE YOUR COINS ON A SECURE WALLET

After purchasing your cryptocurrencies, you need to transfer them to your wallet for security. It is advisable to have a separate wallet for storing your virtual coins offline. Otherwise, keeping your digital currencies on exchanges and online wallets excites the fraudsters’ appetite and makes you a suitable target.